The former oil executive Justin Welby is likely to retain his role on the
parliamentary inquiry into banking ethics when he is named as the new
Archbishop of Canterbury later today.

Currently Bishop of Durham, Mr Welby has seen a meteoric rise through the Church and has been described as "the outstanding candidate". He worked for French oil company Elf Aquitaine for 11 years and later became treasurer for Enterprise Oil, but gave up the highly-paid career in 1987 after feeling a “call” to the priesthood. “Something in me just said ‘this is what you should be doing’,” he recently explained.

He now sits on the Banking Standards Commission, tasked with improving transparency and governance in the City, and the Financial Times reports this morning that he will retain this role after being named the 105th occupant of the throne of St Augustine.

He has been a vocal critic of the “sins” of large banks and has described payday loan companies as “sharks" that practice “usury”. In the past he has suggested that, as companies cannot be sent to prison, that they be forced to print a record of any crimes on their letterheads for "several years".